Vivo Mobile India Private Limited has been found to evade customs duty worth Rs 2,217 crore by the Directorate of Revenue Intelligence (DRI). Vivo India is the subsidiary company of Vivo Communication Technology Co. Ltd. which is based in Guangdong, China. The company is engaged in the business of manufacturing, assembling, wholesale trading as well as distribution of mobile handsets and accessories.
DRI has claimed that during the investigation, searches were conducted by DRI officers at the factory premises of Vivo India. The govt agency claims to have found incriminating evidence indicating wilful mis-declaration in the description of certain items imported by Vivo India, for use in the manufacture of mobile phones.
DRI claims that this mis-declaration resulted in wrongful availment of ineligible duty exemption benefits by Vivo India, amounting to Rs 2,217 crore. After completion of the investigation, a Show Cause Notice has been issued to Vivo India demanding customs duty amounting to Rs 2,217 crore, under the provisions of the Customs Act, 1962.
A sum of Rs 60 crore has been already voluntarily deposited by Vivo India, towards the discharge of their differential duty liability. Recently, in another set of investigations conducted by DRI, Show Cause Notices demanding duty of Rs. 4,403.88 crore have been issued to Oppo Mobiles India Private Limited.
The post Vivo Mobile India evaded customs duty worth Rs 2,217 crore, says DRI appeared first on BGR India.